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Nov 28, 2012
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>> that's what washington leaders are elected to do, to lead and govern. i think that's why the private sector is speaking out this way, because this is an issue that we have to educate the public, and we have to press our leaders to address. >> we had a representative on yesterday, democratic representative. he didn't even want to talk about means testing medicare or social security. very focused on raising taxes on the rich. if you have a millionaire or billionaire elderly person, and you tell them, guess what, you're going to have to pay more for your health care, that would be like raising their taxes, right? and it would help reduce the problem. but they don't want to talk about that. >> the easiest solution's in front of us. i'm not the expert on medicare or social security. means testing and raising age limits seem to me to be pretty practical solutions as part of the solution, not the total solution, to reducing entitlement spending. >> if you were this the white house today with with the president as many of the nation's leading ceos are, what wou
>> that's what washington leaders are elected to do, to lead and govern. i think that's why the private sector is speaking out this way, because this is an issue that we have to educate the public, and we have to press our leaders to address. >> we had a representative on yesterday, democratic representative. he didn't even want to talk about means testing medicare or social security. very focused on raising taxes on the rich. if you have a millionaire or billionaire elderly person,...
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Nov 23, 2012
11/12
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>> the same composition of congress existed before the election is what we have after the election. nothing happened before then. i'm just repeating what lawmakers said. chris van howen, representative out of maryland, said if nothing is done before they go on summer recess, you have to suspect nothing can get done by the end of the year. everybody is concentrating on this december 31st deadline. actually december 14th is the final day for congress. they can work through the holidays to try to get this deal done. we're looking at $600 billion according to the cbo and if you really want to look at all of 2013, you are looking at $800 billion to $900 billion. it is hard to imagine they could come to terms with everything that needs to be taken care of in just a few weeks from now. >> what happens to the markets if we miss that deadline, todd? >> they're going lower. look at federal spending. >> how much lower? >> at least 10%. this country's destined for a recession as it is. now if you take a look at the fiscal cliff mess, plus you look at spending cuts on the government's side, that
>> the same composition of congress existed before the election is what we have after the election. nothing happened before then. i'm just repeating what lawmakers said. chris van howen, representative out of maryland, said if nothing is done before they go on summer recess, you have to suspect nothing can get done by the end of the year. everybody is concentrating on this december 31st deadline. actually december 14th is the final day for congress. they can work through the holidays to...
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Nov 27, 2012
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the political reason is we had an election. the american people decided tax rates were going to go up for the top 2% of income earners. the republicans tried the alternative approach, they didn't win. move on. the fife is off -- the philosophical approach, we tried under the bush economy and it didn't help. >> sure it did. >> every single republican under the clinton administration, the economy took off and created 22 million new jobs. don't tell me tax increases will ruin the economy. warren buffett wrote an op-ed, it's a lame outdated discredited argument from the gop. stop repeating the talking points. >> larry elder, i'll give you the last word. >> may i respond. the clinton income tax hikes underproduced revenue based upon their projections. they got in less money than they thought. when clinton lowered capital gains they got in far more revenue than they thought. cutting taxes is expansionary and raising taxes is contractionary. >> this discussion still comes down to spending. >>> a man in washington who has never wavered
the political reason is we had an election. the american people decided tax rates were going to go up for the top 2% of income earners. the republicans tried the alternative approach, they didn't win. move on. the fife is off -- the philosophical approach, we tried under the bush economy and it didn't help. >> sure it did. >> every single republican under the clinton administration, the economy took off and created 22 million new jobs. don't tell me tax increases will ruin the...
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Nov 28, 2012
11/12
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>> look, i have voted for all of the above and i did it when i was running for re-election. it wasn't a political thing with me. i believe deeply that we got to get the country back on track. we're borrowing 31 cents of every dollar that we spend. clearly that's not sustainable. we know that our debt is now over 100% of our gross domestic product and headed higher. so we know steps have to be taken. the fastest growing part of federal spending are the health care accounts. we're spending 1 in every $6 in this economy on health care. >> the specific way to cut that, what is it? >> my number one recommendation -- >> yeah. >> -- would be better coordination of care for the chronically ill. 5% of medicare beneficiaries -- 5% -- use 50% of the money. >> mostly end of life care. right. >> a lot of it end of life care but a lot of it is not end of life care. it is for the chronically ill. people with multiple serious conditions. we do a very poor job of coordinating the care for those people. as a result, a lot of money is wasted. >> one final question quickly on farm subsidies. wh
>> look, i have voted for all of the above and i did it when i was running for re-election. it wasn't a political thing with me. i believe deeply that we got to get the country back on track. we're borrowing 31 cents of every dollar that we spend. clearly that's not sustainable. we know that our debt is now over 100% of our gross domestic product and headed higher. so we know steps have to be taken. the fastest growing part of federal spending are the health care accounts. we're spending...
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Nov 29, 2012
11/12
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plus we had the election and fiscal cliff oncoming. with that, we still got over 2% growth. so even with some kind of drag from higher taxes and spending into next year, without a lot of those -- those severe head winds, you know, i just don't see how with a global -- coordinated global monetary easing policy from the central banks, how you're going to have a worser economy next year and therefore lower profits. >> joe? or josh? >> hi, tony. josh brown. i'm just curious, if you took a look at that gdp third quarter revision from this morning, one of the things i think jumped out most is that really all of the improvement comes as a result of both federal spending and then the other thing -- then the other thing that people don't want to see which is a lot of inventory restocking which i understand is seasonal. but now that's on the backs of the consumers, actually, taking those products out of stores to their homes. are we really going to be able to say that that was a good upward revision? even though the number went up? >> no. frankly, the market would have already priced
plus we had the election and fiscal cliff oncoming. with that, we still got over 2% growth. so even with some kind of drag from higher taxes and spending into next year, without a lot of those -- those severe head winds, you know, i just don't see how with a global -- coordinated global monetary easing policy from the central banks, how you're going to have a worser economy next year and therefore lower profits. >> joe? or josh? >> hi, tony. josh brown. i'm just curious, if you took...
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Nov 21, 2012
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paul bremer turned over authority to the interim iraqi government, which would run the country until elections could be held. [gunfire] >> the insurgency was already gaining momentum. and with the, then newly constituted iraqi army riding into battle in unarmored pickup trucks, and scrounging for guns and ammunition, the iraqi defense ministry went on a billion dollar buying spree with almost no oversight. the contracts were paid in advance with no guarantees, and most of them involved a single company. >> there were awarded without any bidding to a company that was established a few months prior with a total capital of $2,000. so you had nearly a billion dollars worth of contracts awarded to a company that was just a paper company whose directors had nothing to do with the ministry of defense or the government of iraq. >> the name of that company was alain al jaria, which in arabic means the ever-flowing spring. it's address, here in amman, jordan was a post office box. it's telephone number, a mobile phone. the principal was a mysterious iraqi by the name of naer jumaili. and a half a billio
paul bremer turned over authority to the interim iraqi government, which would run the country until elections could be held. [gunfire] >> the insurgency was already gaining momentum. and with the, then newly constituted iraqi army riding into battle in unarmored pickup trucks, and scrounging for guns and ammunition, the iraqi defense ministry went on a billion dollar buying spree with almost no oversight. the contracts were paid in advance with no guarantees, and most of them involved a...
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Nov 26, 2012
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i was just elected. i made aware the only thing i'm honoring is the oath i take when i'm sworn in this january. >> both of these senators are saying they aren't going to be browned by grover norquist from americans for tax reform. this is an issue bigger than norquist. the republican party has positioned itself as the smaller government, anti-tax party. but they've lost an election and it appears that republicans in the senate will see about the house, already to give some ground. >> john, thank you. that's good news. looks like at least some may be ready to rise above the partisan rhetoric. we'll find out. >>> welcome back here. again if you are just joining us, we're at the lincoln financial field in philly, the third best city in the stock market in the last year. another guy that has a brand-new job but is well known to cnbc viewers, bob doll. he's just been announced as chief equity strategist for nuvene asset management. and ken volpert of vanguard based pretty darn close. bob, this is your first i
i was just elected. i made aware the only thing i'm honoring is the oath i take when i'm sworn in this january. >> both of these senators are saying they aren't going to be browned by grover norquist from americans for tax reform. this is an issue bigger than norquist. the republican party has positioned itself as the smaller government, anti-tax party. but they've lost an election and it appears that republicans in the senate will see about the house, already to give some ground....
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Nov 29, 2012
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. >> reporter: he's been elected county commissioner and he owns a famous brothel. the mustang ranch. you have to be the most diversified businessman in america. wouldn't you say? >> i have a diversified portfolio. >> reporter: gillman is a republican in a state represented by one of america's most powerful democrats, harry reid. >> he's been a friend to the state of nevada. so certainly i supported his campaigns. >> reporter: but he doesn't agree with reid on everything and he's worried about the fiscal cliff in a region recovering more slowly than the rest of the nation. >> to me, our world is tied to confidence. confidence in our leaders, confidence in washington. confidence in taxes. trying to figure out what's going to happen with all the health care. and we are absolutely crushed with regulation. this is where the buck stops. all of the rules that are made back there. all the regulations that are made back there. all the financial decisions, they all flow right down here to where you and i are standing. and if companies aren't calling and if they aren't expand
. >> reporter: he's been elected county commissioner and he owns a famous brothel. the mustang ranch. you have to be the most diversified businessman in america. wouldn't you say? >> i have a diversified portfolio. >> reporter: gillman is a republican in a state represented by one of america's most powerful democrats, harry reid. >> he's been a friend to the state of nevada. so certainly i supported his campaigns. >> reporter: but he doesn't agree with reid on...
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Nov 27, 2012
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we as the american public are fools if we would elect, re-elect anybody that sat there and watched this thing go over the cliff. the bigger issue, we are in a slow growth/no growth economy, even after we solve that what are we going to do too move this economy forward? >> what are you advising your clients to do with their money? >> one, a little bit on the conservative side, a normal account would be 50% stocks, 50% bonds, we may be about 40/60, i'm very concerned about the bond market at this point over time. >> treasury, corporates. >> wither in corps pratt, also in some alternative oriented things. secondly, i think we are in a market it makes sense to produce income. if the dow at 13, 14,000 now and 13, 14,000 in three years which could be the situation in a muddling along economy what interest in dividends you produced that period of time. if you believe this isn't going to be a high-growth economy, it leads to you producing it quickly and evenly. >> we got to get to eamonoffers in d.c. the higher tax rate you. >> where are you going to go? >> the dividends is misplaced because yo
we as the american public are fools if we would elect, re-elect anybody that sat there and watched this thing go over the cliff. the bigger issue, we are in a slow growth/no growth economy, even after we solve that what are we going to do too move this economy forward? >> what are you advising your clients to do with their money? >> one, a little bit on the conservative side, a normal account would be 50% stocks, 50% bonds, we may be about 40/60, i'm very concerned about the bond...
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Nov 27, 2012
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ever since the election it has pulled back along with the rest of the market to the point where it's now almost back to where it was before the announcement. it's time to buy, people. bottom line, you want a real cyber monday deal, go buy yourself -- >> buy, buy, buy. >> -- some federal express. robert in illinois. robert? yo, robert? >> caller: praying for the eagles tonight. >> yeah. we need divine intervention. good you pointed that out. what's up? >> caller: electronic gear this holiday season, and i think this stock has a lot of upside due to the increased volume of sales at this time of year. the stock is skul. >> i felt it's too much of a commodity. i don't like stuff that's sold in those particular stores that they're there. i've been recommending the sale of skullcandy, around since 14, 15. the stock did go up to 16, made me look bad momentarily. i stuck by my guns. i still think you should sell skullcandy. fernando in california. fernando? >> caller: [ inaudible ]. >> okie doke. >> caller: coming into the fourth quarter for holiday season with all the names it picked up. >>
ever since the election it has pulled back along with the rest of the market to the point where it's now almost back to where it was before the announcement. it's time to buy, people. bottom line, you want a real cyber monday deal, go buy yourself -- >> buy, buy, buy. >> -- some federal express. robert in illinois. robert? yo, robert? >> caller: praying for the eagles tonight. >> yeah. we need divine intervention. good you pointed that out. what's up? >> caller:...
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Nov 29, 2012
11/12
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it's very hard to quantify sandy and the elections overall. macys said we had a record black friday, but it wasn't enough to overcome the effects of sandy. no longer will nordstrom do monthly sales. less than 20% of retailers now report monthly sales. it's really hard to gauge anything based on these retail sales number. you know the whole world was up? europe was up to a new high. boy were the bulls wrong on this. i was part of it unfortunately. in september and october, we were all bullish on china. a big restructuring, nothing's happened. that's why the market is drifting lower, concerns about bank capitalization rates, this calls for big buy backs on the main land. the grandfathers in shanghai who trade in that market are not trading as much, they're not as interested. every list i have seen is cash a percentage of market cap. usually it's about 7% and above. i see ray theon has a really good one. o'reilly automotive was another good one. >> thank you, bob. >> shadow inventory, that's down, copper developing, you can't get the copper. a lo
it's very hard to quantify sandy and the elections overall. macys said we had a record black friday, but it wasn't enough to overcome the effects of sandy. no longer will nordstrom do monthly sales. less than 20% of retailers now report monthly sales. it's really hard to gauge anything based on these retail sales number. you know the whole world was up? europe was up to a new high. boy were the bulls wrong on this. i was part of it unfortunately. in september and october, we were all bullish on...
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Nov 26, 2012
11/12
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in the catolca catalonia win the regional elections. the stock market reacted a little bit, it would have been worse if the leader of the separatist movement had done better. let's move on to what i think is the most interesting story and could definitely affect a lot of investors who watch cnbc, argentina. during all the retail hubaloo, a federal judge in new york ordered argentina to pay nml securities $1.5 billion. he has ordered this many times before. what is different is the remedy. there are two things that investors need to know. if you are invested in an emerging market hedge fund you should be worried about whether or not argentina will pay a gdp warrant december 15th. they very well may not and most indexes when it comes to the emerging markets contain argentinean debt. is it going to be systemic if they don't pay it? no, but you could be affected. the second thing is the remedy that the judge has imposed. this is very interesting. he knows argentina will never pay so now what he said is i don't care if argentina doesn't pay.
in the catolca catalonia win the regional elections. the stock market reacted a little bit, it would have been worse if the leader of the separatist movement had done better. let's move on to what i think is the most interesting story and could definitely affect a lot of investors who watch cnbc, argentina. during all the retail hubaloo, a federal judge in new york ordered argentina to pay nml securities $1.5 billion. he has ordered this many times before. what is different is the remedy. there...
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Nov 23, 2012
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obviously you weren't a big fan of the way the election turned out. i like being a strict constitutionalist, and i like article i, section 8. are we ever going to get back to those types of disciplines, or as in your article stated, you think we crossed over and there's no turning back? >> no, we passed the tipping point. i don't think there's any doubt we reached the tipping point. we've reached that era where our foundest most feared where a majority of people could voice themselves a living at the spend of the minority. i don't think there's any coming back. i think we are on the same trajectory as europe, and europe is on the same trajectory as greece, so it's time to look for yourself and families to take care of your personal prone. we cannot solve the country's problems. >> i hope you are not kreb8g9, but we'll have you back to talk about the journey. sully, it's all yours. >> thank you. >>> rick and bill, thank you. i like bill. he's a smart guy. >> good conversation. >>> coming up next, protesters at walmart. we have live at the scene. 6 try
obviously you weren't a big fan of the way the election turned out. i like being a strict constitutionalist, and i like article i, section 8. are we ever going to get back to those types of disciplines, or as in your article stated, you think we crossed over and there's no turning back? >> no, we passed the tipping point. i don't think there's any doubt we reached the tipping point. we've reached that era where our foundest most feared where a majority of people could voice themselves a...
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Nov 21, 2012
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obviously it depends on what you were hoping for in the election and what that mix all looks like. but i'm expecting optimism to fall. and, of course, we'll have no more resolution on taxes or any of those things because it's too soon really to get those done. but, you know, 75% of these small businesses out there are paying their taxes on the personal schedule. they're worrying about that, want to know how to calculate after tax returns on hiring or investment when you don't know what the tax rate's going to be. >> we wish you a happy thanksgiving. >> well, same to all of you. thank you very much. >> see you soon. >>> when we come back, we have a "squawk" tradition. joe has a list of questions ready to go for the butter ball turkey. that's here on "squawk." americans believe they should be in charge of their own future. how they'll live tomorrow. for more than 116 years, ameriprise financial has worked for their clients' futures. helping millions of americans retire on their terms. when they want. where they want. doing what they want. ameriprise. the strength of a leader in retir
obviously it depends on what you were hoping for in the election and what that mix all looks like. but i'm expecting optimism to fall. and, of course, we'll have no more resolution on taxes or any of those things because it's too soon really to get those done. but, you know, 75% of these small businesses out there are paying their taxes on the personal schedule. they're worrying about that, want to know how to calculate after tax returns on hiring or investment when you don't know what the tax...
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Nov 27, 2012
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presidential election. now we come to the cliff. if we get a deal done, this market needs a catalyst, david. that can be the catalyst forward because buyers frankly are in a wait and see mode and they have been. there's not been a lot of risk to not acting. in fact, the risk har to action. despite the fact that the fundamentals have been for the last couple years the best fundamentals we've ever seen. >> investors reacted positive to deals including today. back to the fiscal cliff. all right. let's say we get a resolution. right away, m&a activity heats up. take me how it will help. >> i think in the first quarter following a deal you will see a resurgence but it won't be dramatic. but that activity will cause buyers to believe there's finally risk to not acting. what we need is a consequence to inaction. that will be deals that will be announced in the quarter following the cliff, which i absolutely believe they will be. we've got deals on the shelf that are waiting for this kind of activity. those deals move into the market. senti
presidential election. now we come to the cliff. if we get a deal done, this market needs a catalyst, david. that can be the catalyst forward because buyers frankly are in a wait and see mode and they have been. there's not been a lot of risk to not acting. in fact, the risk har to action. despite the fact that the fundamentals have been for the last couple years the best fundamentals we've ever seen. >> investors reacted positive to deals including today. back to the fiscal cliff. all...
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Nov 27, 2012
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and christie is getting his re-election campaign ramped up. he has unprecedentedly high approval rating. >> after sandy. and he says this is a job he feels leak he needs to continue. >> stanley wants him to stay. some other corporate news involving erickson. it's filed a lawsuit against samsung alleging patent infringement. ericcson says two years to trike a deal were unsuccessful. and an hp shareholder filed a lawsuit alleging the tech company's top executives misled investors about two key acquisitions that have caused billions of dollars in losses. the lawsuit alleges that hp management concealed the problems and another recent acquisition which we've talked about, electronic data, in an attempt to boost hp stock price. meantime in the "wall street journal," former employees, business partners and attorney attorneys say it's not difficult to conclude that the company autonomy's accounting was overly aggressive, they say such behavior tip filed autonomy long before hp bought it. and mike lynch says the company's culture was aggressive. >> th
and christie is getting his re-election campaign ramped up. he has unprecedentedly high approval rating. >> after sandy. and he says this is a job he feels leak he needs to continue. >> stanley wants him to stay. some other corporate news involving erickson. it's filed a lawsuit against samsung alleging patent infringement. ericcson says two years to trike a deal were unsuccessful. and an hp shareholder filed a lawsuit alleging the tech company's top executives misled investors...
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Nov 26, 2012
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now that the election is over, we're here with mark. we're going to give all your information later, but if i say your name and company, people are going to know where we are. we're not going to give that. you run a marketing company and a branding firm. how has your business gone now that the election is over and as we head toward the fiscal cliff? >> well, our business has been robust and continues to be robust. so far, it hasn't been impacted at all. we're actually looking forward to a pretty good 2013. >> are your clients saying, hey, mark, i want to give you more business, but i'm worried about this fiscal cliff thing. i'm worried about taxes, worried about the economy. are you hearing that at all? >> well, we haven't heard specifically from our clients. and we handle a lot of global brand brands. but i have heard it from other ceos in the region. they're tapping the brakes and not investing to the degree they would have. >> the big companies would hire you to do branding and marketing for them, but do you have to -- are you planni
now that the election is over, we're here with mark. we're going to give all your information later, but if i say your name and company, people are going to know where we are. we're not going to give that. you run a marketing company and a branding firm. how has your business gone now that the election is over and as we head toward the fiscal cliff? >> well, our business has been robust and continues to be robust. so far, it hasn't been impacted at all. we're actually looking forward to a...
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Nov 29, 2012
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it's their first meeting since the election. and this his victory speech, obama promised to engage with romney and consider his ideas. >> a lot of people didn't think the lunch would ever happen. >> interesting if he's going to be talking about ideas, mitt romney's idea had been to reach some sort of a cap on it 00 mem deductions. >> he would have just extended the bush tax cuts and then the other stuff would have been -- but if romney had been elected, whether bad long term to extend them, that's one thing, but he would have extended -- this is a weird argument to be having to have everything hinging on on the 2% that are -- suddenly as i've said before, suddenly everybody loves the bush tax cuts. so weird. >> flips the tables on who likes what. >> it all goes back to the line in the band. obama first time around caved and his base never for gave him for extending the bush tax cuts when he said he wouldn't. >> maybe the republicans should be reconsidering the tough line that they drew back in july of 2011 because this is a situ
it's their first meeting since the election. and this his victory speech, obama promised to engage with romney and consider his ideas. >> a lot of people didn't think the lunch would ever happen. >> interesting if he's going to be talking about ideas, mitt romney's idea had been to reach some sort of a cap on it 00 mem deductions. >> he would have just extended the bush tax cuts and then the other stuff would have been -- but if romney had been elected, whether bad long term...
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Nov 28, 2012
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we've got a house election in two years -- less than two years. >> although, i don't think this is about electoral politics right now. this is about -- this is about dollars and cents for specific interest groups, constituents, supporters of these politicians and their ideological views. so, look, it's not easy to do. and i believe at the end they'll do it, but this is part of the dance, you know, before it gets super intense. >> and you know what else it is? it's sausage being made and it's ugly to watch. but then -- and then i think about closing loopholes. and name your loophole, and i can give you a two-year argument. mortgage. oh, it's going to kill the housing industry, charity, we can talk for two years, what will it do to charity? >> universities and -- yes. >> you name any sacred cow. that's why it's sacred, it's a sacred cow. >> state and local tax deductions, oh, my god, what's that going to do to new york? >> is it easier to do the cap and that gives you the nebulous, well, we're not hurting anyone -- >> yes. >> would that work? >> yes. i mean, a lot of tax policy experts lik
we've got a house election in two years -- less than two years. >> although, i don't think this is about electoral politics right now. this is about -- this is about dollars and cents for specific interest groups, constituents, supporters of these politicians and their ideological views. so, look, it's not easy to do. and i believe at the end they'll do it, but this is part of the dance, you know, before it gets super intense. >> and you know what else it is? it's sausage being made...
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Nov 23, 2012
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out to certain people who were skeptical of the decline in the unemployment rate leading up to the election -- let's shovel out more unemployment. i'm excited. woo! >> if the potential growth rate is 2.5 -- >> is this what we're looking at next month? have you already had the secret meeting? >> i wasn't on the call for that one. my point is that there was enough growth in the third quarter to bring down the unemployment rate. >> if that's the growth that makes you and the world happy, you'll be happy for ten years. >> when you have growth above potential it's sufficient to bring down the unemployment rate. maybe the decline of the unemployment rate was actually for real. >> i'm one of those people -- >> you're not going to convince me. >> i was one of those people skeptical about the last unemployment number that we saw. that makes this unemployment number so much more important as you say. if all those things line up and we're talking about some pretty big ifs, i'll be ready to buy the stock market if we get good gdp number and solid unemployment number, that hasn't happened yet. >> there'
out to certain people who were skeptical of the decline in the unemployment rate leading up to the election -- let's shovel out more unemployment. i'm excited. woo! >> if the potential growth rate is 2.5 -- >> is this what we're looking at next month? have you already had the secret meeting? >> i wasn't on the call for that one. my point is that there was enough growth in the third quarter to bring down the unemployment rate. >> if that's the growth that makes you and...